REIT Sale | Former Mountain Express Oil & Car Wash | 9K VPD | Fort Smith MSA

Description:

Ri Marketplace Online Auction August 11-13, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2583/reit-sale-former-mountain-express-oil-car-wash-9k-vpd-fort-smith-msa?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=retail_2583

Marcus & Millichap and RI Marketplace are pleased to present the opportunity to acquire a vacant, free-standing retail building located at 101 South Kentucky Avenue in Panama, Le Flore County, Oklahoma 74951 (the “Property”). Previously occupied by Mountain Express Oil Co. and operated under the name of Tote-A-Poke, the Property is being offered significantly below replacement cost, presenting an attractive opportunity for owner-users or investors to acquire a well-located commercial asset with meaningful value enhancement potential. FIRST BID MEETS RESERVE!

Built in 1977, the one-story, free-standing convenience store/gas station includes ±3,358 square feet of retail space and features a 3-bay car wash and former gas pump canopy. The Property is strategically positioned on a parcel totaling ±0.57 acres of land with 11 surface parking spaces and can be accessed via several points of ingress/egress. The unzoned status allows for a variety of retail and commercial uses, making this an adaptable investment for retail, convenience store, or office tenants. This former convenience store provides an outstanding opportunity for investors to capitalize on strong market fundamentals, with potential for value-add through long-term lease-up at market rates (CoStar estimates industrial rents at ±$10-13/SF NNN). The 12,000-gallon UST is currently listed as Temporarily Out of Use, with a removal order issued by the Oklahoma Corporation Commission in a Notice of Violation dated November 18, 2024. VEREIT has filed a variance request to rescind the UST removal order and maintain the system’s “Temporary Out of Use” status until the property is sold, and new tenant is in place.

Panama is located in Le Flore County in eastern Oklahoma and serves as a small but strategic commercial node within the region. Positioned south of Interstate 40 with over 22,000 vehicles passing the area daily, the city offers convenient access to Fort Smith (±25-mi northeast) and Oklahoma City (±183-mi northwest). The Property is prominently situated along Kentucky Avenue (US-271/59) with ±8,961 vehicles per day at the corner of Main Street, a central corridor in Panama that connects to local neighborhoods, schools, and civic buildings, offering strong visibility and accessibility for retail or service-oriented users. Panama is located approximately 20 miles southwest of Fort Smith, which is the second-largest city in Arkansas and a major regional employment center. This short commute—typically 25–30 minutes by car via US-59 N and I-540—makes it convenient for residents to live in Panama and work in Fort Smith. Major employers in the area include Baptist Health (formerly Sparks Health System), Mercy Hospital Fort Smith, and University of Arkansas-Fort Smith. Other employers include ABB Motors & Drivers, OK Foods, and Rheem, located within ±25-miles and support manufacturing and industrial employment in the broader Le Flore County area. Within a 10-mile trade area, the population totals approximately ±24,230 residents, with an average household income of over $58,182. The population has experienced 3.48% growth from 2020-2024 with 4.19% growth expected to continue through 2029. Panama’s strategic location along US-59, its proximity to industrial and institutional demand drivers in nearby Fort Smith, and its accessible site layout make this Property a strong candidate for repositioning or re-tenanting to serve regional retail or convenience store needs.


Lamar P. Fisher
Fisher Auction Company Inc.
License:
Internet Auctions Exempt from Licensing

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